Samuel Montagu & Co.

Samuel Montagu & Co. was a British merchant bank founded by Samuel Montagu in 1853.

Set up as a bullion broking business, it aimed to make money from the Australian gold rush by brokering deals between sellers and buyers. From 1911 onwards, it became part of the group of companies which formed the London bullion market.^[1]

In 1980, the banks shipment of silver ingots from London to Germany became the largest robbery in history in the UK. On 24 March 1980, Michael "Skinny" Gervaise and his team stole 321 ingots valued at £3.4 million. After capture by DCI Tony Lundy from the Flying Squad, Gervaise offered to turn supergrass. On 4 June 1980 gervaise led Lundy's team to a stack of 309 silver ingots. Gervaise later alleged that Lundy was close to Lennie Gibson (the pair were members of the same Boxing club), who had supplied police uniforms for the raid via Lundy. Lundy was returned to the reformed Flying Squad, and after a two-year investigation fully cleared him.^[2]

After the death of founder Samuel Montagu, the bank was owned by the family trust, Montagu Trust. In 1967, the Midland Bank acquired a share in Montagu Trust, and thereby became the first British clearing bank to own a London merchant bank. Samuel Montagu & Co. became a wholly owned subsidiary in 1974,^[3] and on completion of the acquisition Midland also gained a majority share in Guyerzeller Bank AG in Switzerland. Michael Samuel Rosenberg was Director of Corporate Finance for Samuel Montagu & Co. Ltd., from 1972 to 1974^{[4] [3]}

Today, Samuel Montagu & Co. forms part of the private banking service of HSBC. The name was last used by HSBC in 2000. In 2003, HSBC spun off its private equity business, which took the name Montagu Private Equity.^[5]

References

1. "Samuel Montagu & Co.". underprints.com. Retrieved 2012-01-02.
2. BBC - Press Office - Network TV Programme Information Week 20 Unplaced 2007
3. HSBC Group in Europe
4. http://investing.businessweek.com/research/stocks/people/person.asp?personId=2748730&ticker=PGB:LN
5. Keers, By Helena (2003-03-19). "HSBC buyout team revives Montagu name". Retrieved 2014-10-08.